Market Outlook – 06/01/18 – David Settle
Today, the S&P 500® rebounded again for a second time this week – this time by nearly 30 points on average trading volume. The intermediate line turned higher and avoided falling below the 80th percentile. As a result, the posture remains strongly bullish. Short-term sentiment improved with both the momentum and near-term lines bouncing higher. The near-term line has been unable to get into overbought territory since early May. This pattern reflects stocks’ inability to bounce higher to new highs. The Dow Jones Industrial Average hasn’t recovered this week like the S&P so its intermediate line actually shows a weak bearish posture. The NASDAQ Composite and Russell 2000 show stronger trends with new moves higher but also show the possibility of a bearish near-term divergence.
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